The Africa-focused crypto trading app Vibra has reportedly closed operations in Ghana, Kenya, and Nigeria. This goes contrary to reports that the app is not working for only Nigeria as claimed by the co-founder.
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Controversy Between Employees.
Vincent Li, the co-founder of African Blockchain Labs — the organization behind the app — maintained that however the measure only affected users in Nigeria. He also explained that the move was temporary.
However, a report from Techcabal quotes current and former employees who have confirmed the app’s stoppage in all African markets. The employees, who have chosen to remain anonymous, also said that they were asked to resign or be fired per the publication.
“The company may have also closed because they could not work out how to get commensurate turnover from the user education we were doing,” an anonymous former employee said.
Bear Market Effect
There have been recent reports of startups closing shop during this period. Crypto startups that raised millions, close up maybe majorly due to the situation of the market.
Moreover, the case of Patricia who returned with promises of compensating user funds. Also, the case of Dash, the Ghanaian startup whose $86 million capital fundraising couldn’t save the startup in five years.